And shifting our focus,… South Korea's top economic and monetary policymakers met this morning... to talk discuss a wide range of issues,.... like the growing trade tensions between the U.S. and China as well as the country's grim real economy figures,
- 6 years ago
And shifting our focus,…
South Korea's top economic and monetary policymakers met this morning... to talk discuss a wide range of issues,.... like the growing trade tensions between the U.S. and China as well as the country's grim real economy figures,.. including the job numbers.
We have our correspondent Kim Hye-sung watching that meeting -
Hye-sung we know it was a closed-door meeting,… but have we learned any details yet?
Hi Semin, yes... moments ago we heard from Finance Minister Kim Dong-yeon on the latest increase of minimum wage hike of ten-point-nine percent for 2019,... saying he worries the increase may be a burden on running the economy in the latter half this year.
That comment following a meeting with the Bank of Korea Governor Lee Ju-yeol this morning,... where the two met for the first time in three months.
It also comes at a critical time, just days after the BOK held its key rate steady for July, lowered its growth forecast for this year by zero-point-one percent to 2.9 percent...and two days before the finance ministry is set to release its economic policy measures for the second half.
The meeting lasted longer than scheduled...by about 30 minutes, ending at around 9:25 a.m., a clear signal of the wide range of economic issues South Korea is facing right now....from the U.S.-China trade spat, poor job figures, high unemployment to the hefty minimum wage hike.
At the press briefing, the Finance Minister and BOK Chief said they shared concerns on the growing downside risk to the economy in the second half, particularly the escalating trade tensions between Washington and Beijing.
Given that China and the U.S. are the nation's top two trading partners that account for 37 percent of Korea's exports, the two agreed to evaluate how the trade spat affects the Korean economy and cooperate through a mix of monetary and fiscal policies as preemptive measures to sustain stable domestic growth.
Domestically, they pointed to weak job creation as a risk.
Between January and June, a monthly average of 142-thousand new jobs were added, the slowest growth since the 2008 global financial crisis.
Other senior officials from the finance ministry and the BOK attended the meeting, and both sides agreed to share information and work closely in seeing how the minimum wage hike could affect the job market.
Back to you Semin.
South Korea's top economic and monetary policymakers met this morning... to talk discuss a wide range of issues,.... like the growing trade tensions between the U.S. and China as well as the country's grim real economy figures,.. including the job numbers.
We have our correspondent Kim Hye-sung watching that meeting -
Hye-sung we know it was a closed-door meeting,… but have we learned any details yet?
Hi Semin, yes... moments ago we heard from Finance Minister Kim Dong-yeon on the latest increase of minimum wage hike of ten-point-nine percent for 2019,... saying he worries the increase may be a burden on running the economy in the latter half this year.
That comment following a meeting with the Bank of Korea Governor Lee Ju-yeol this morning,... where the two met for the first time in three months.
It also comes at a critical time, just days after the BOK held its key rate steady for July, lowered its growth forecast for this year by zero-point-one percent to 2.9 percent...and two days before the finance ministry is set to release its economic policy measures for the second half.
The meeting lasted longer than scheduled...by about 30 minutes, ending at around 9:25 a.m., a clear signal of the wide range of economic issues South Korea is facing right now....from the U.S.-China trade spat, poor job figures, high unemployment to the hefty minimum wage hike.
At the press briefing, the Finance Minister and BOK Chief said they shared concerns on the growing downside risk to the economy in the second half, particularly the escalating trade tensions between Washington and Beijing.
Given that China and the U.S. are the nation's top two trading partners that account for 37 percent of Korea's exports, the two agreed to evaluate how the trade spat affects the Korean economy and cooperate through a mix of monetary and fiscal policies as preemptive measures to sustain stable domestic growth.
Domestically, they pointed to weak job creation as a risk.
Between January and June, a monthly average of 142-thousand new jobs were added, the slowest growth since the 2008 global financial crisis.
Other senior officials from the finance ministry and the BOK attended the meeting, and both sides agreed to share information and work closely in seeing how the minimum wage hike could affect the job market.
Back to you Semin.